If It Looks Like a Claim and Sounds Like a Claim, Is It a Claim for Reinsurance Purposes
- Topics:
- Insurance
- Tags:
- Business Operations,
- Claims,
- Corporate Insurance,
- Finance,
- Financial Planning,
- Insurance,
- Reinsurance
- Source:
- LeBoeuf, Lamb, Greene & MacRae
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Overview: Claims are a natural and expected outcome of any insurance relationship. But is a claim for insurance purposes a claim for reinsurance purposes? The answer is, it depends as this article explains. Under a traditional third-party liability insurance contract, the insurance company has the duty to defend the insured against any claims brought against the insured that arguably fall within the scope of the insurance contract. Additionally, the insurance company has a duty to indemnify the insured for payments the insured must make to compensate claimants for damages sustained as a result of the insured's actions that are covered by the insurance policy.
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Format: HTML | Date: Dec 2001 | Pages: 3
